SBI acquires 9.95% stake in India International Exchange(IFSC)
- ByStartupStory | December 31, 2021
The State Bank of India has announced the acquisition of a 9.95% stake in IFSC(India International Exchange) on December 30th in its regulatory filing. The acquisition will be subject to a maximum investment of 34.03 cr.
The Bank said in the stock exchanges, “Initial subscription is estimated to be completed by 31st March 2022. After that, the Clearing Corporation may call up the residual commitment from SBI in accordance with the transaction documents and applicable law,”
Inaugurated by Prime Minister Narendra Modi in 2017, IFSC is the first exchange to be set up at the Gujarat International Finance Tec-City’s International Financial Services Centre (GIFT IFSC). The bank’s shares closed at a price of Rs 451.80 apiece, down by 0.54 percent as opposed to the previous day of announcement. According to reports, the exchange is AAA-rated and clears, settles index and single stock derivatives, currency derivatives, debt securities and commodity derivatives.
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